Jun 14 2011 |
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Main Works Begin on AED 508 Million 'DAMAC Heights' Tower
Dubai 14 June 2011: DAMAC Properties , the Middle East's largest independent real estate developer has announced that main construction works have commenced at its AED 508 million residential development 'DAMAC Heights' at Dubai Marina.
Leading gulf construction company Arabtec , which was awarded the main construction contract, is now on site following the completion of enabling works by Zetas Foundation Technology.
DAMAC Heights will comprise 1, 2 & 3 bedroom apartments, as well as duplexes and penthouses. The residential apartments will be completed to DAMAC Properties ' high standards of quality and have views of the Palm Jumeirah. The complex will incorporate five star amenities including a temperature controlled swimming pool, gymnasium, nursery, sauna, steam room and spa facilities.
"To impress in Dubai these days, developers are aware they need to go to the next level. It's not enough to build a nice apartment building in a mediocre location. You have to build a phenomenal building, in a prestigious location with every conceivable modern convenience included. That's what we are aiming to achieve with DAMAC Heights" Mc Loughlin added.
"We have had a long and successful history working with DAMAC Properties . The stunning Ocean Heights development is a testament to the strength of our relationship and what we have been able to achieve in collaboration with DAMAC .
I have no doubt that DAMAC Heights will surpass even Ocean Heights, to become the premiere residential development along the ocean-facing stretch of Dubai Marina" said Riad Kamal, Chief Executive of Arabtec Holding .
Real estate services firm Cluttons characterises the current real estate market in Dubai as a "flight to quality." According to Cluttons, purchasers and tenants are focusing on completed 'lifestyle' projects such as The Greens, Old Town and Dubai Marina.
Commenting on the trend, Mc Loughlin said: "There is a lot of speculation about falling property prices in Dubai, but that's not the exactly the whole story. In reality there is a two tiered market emerging and demand is actually rising for high quality properties in premium locations such as the Marina."
DAMAC Properties takes a long term view of property investment in Dubai, and has been making strategic investment decisions based on optimistic forecasts for future growth in the emirate.
The positive outlook is supported by a recent forecast by the IMF, which is predicting growth to remain steady in the UAE at about 4 per cent for the next six years. The improved outlook reflects large public investment spending by Abu Dhabi as well as stronger tourism, logistics and trade in the emirate of Dubai.
"We believe that investors will always be attracted to all of the positive attributes that Dubai has to offer - world-class infrastructure; strategic location; established tourist destinations, proven business centres; a highly skilled expat workforce; and most importantly strong and stable government leadership" Mc Loughlin mused.
DAMAC Properties continues to be a major contributor to Dubai's real estate revival. As it extends its portfolio of luxury products the developer will be an enduring fixture in the Dubai landscape, while Dubai itself will remain a major draw for investors.
Further information is available at www.damacproperties.com
DAMAC Properties , part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.
DAMAC Properties has completed 28 buildings to date with 6045 units and spanning 10,619,469 sq feet with projects such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.
Before the end of this year (2011) DAMAC Properties will complete a further 8 buildings comprising 1,329 units spanning 2,513,015 sq feet
DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9849 units, spanning 16,886,151.00 sq feet.
In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.
The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.
The company's projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.
In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.
-Ends-
Further information is available at www.damacproperties.com
For more information please contact:
Niall McLoughlin,
Senior Vice President -
Corporate Communications,
DAMAC
.
Tel: +971 4 04 3732190
Fax: 00 9714 3732335
Mobile +971 50 6531824.
emaiI: niall.mcloughlin@damacgroup.com
© Press Release 2011
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